Maruti Suzuki rise 5% post-Q3 results beat estimates | Time or buy, sell or hold?

Maruti Suzuki share price target: Maruti Suzuki India (MSIL) shares took centre stage on Thursday, February 1 after the automaker's third-quarter beat Street's estimates and brokerages' reactions. The stock rose as much as over five per cent to hit the day's high at Rs 10,699.8, rising for the fourth session straight ahead of the Union Budget 2024 announcement at 11 am by Finance Minister Nirmala Sitharaman. The counter settled as the top gainer on NSE at Rs 10,603.2, up by 416.3 or 4.09 per cent.

Maruti Suzuki Q3 results

During market hours on Wednesday, Maruti Suzuki reported a standalone net profit of Rs 3,130 crore for the September- December quarter of the current fiscal (Q3 FY24), up 33.11 per cent year-on-year (YoY) against Rs 2,351.3 crore logged in the corresponding quarter of the previous fiscal.

Total revenue from operations increased 14.68 per cent YoY to Rs 33,308.7 crore against Rs 29,044.3 logged in the year-ago period.
EBITDA, or earnings before interest, taxes, depreciation, and amortisation, surged 38 per cent YoY to Rs 3,908 crore, while margins expanded to 11.7 per cent against 9.8 per cent in the year-ago period.

The bottom line beat analysts' estimates as Zee Business Research had estimated the auto major to register a standalone profit after tax (PAT) or net profit of Rs 2,950 crore for the quarter ended December 31, 2023, up 25.5 per cent YoY. The analysts expected the company to record a 15 per cent rise in quarterly revenue to Rs 33,400 crore. They had pegged a 34 per cent YoY increase in the carmaker's EBITDA at Rs 3,800 crore.

The company sold a total of 501,207 vehicles during the quarter. This suggests a 7.6 per cent growth in sales volume.

Maruti Suzuki share price target: Time or buy, sell or hold?

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